JUNE 2017 QUARTERLY ACTIVITIES REPORT

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1 Suite 4, Level 3 South Shore Centre 85 South Perth Esplanade South Perth WA 6151 TEL FAX ABN Board of Directors: David Quinlivan Luke Tonkin Les Davis Kelvin Flynn Brian Kennedy ASX Code: SLR Issued Capital: 503.7m Shares 2.0m Options 6.8m Performance Rights All financial figures quoted in this report are in Australian dollars and are unaudited JUNE 2017 QUARTERLY ACTIVITIES REPORT Full year gold sales of 137,000 ounces Q4 Gold sales 37,515 ounces (+7% qoq) at an average sale price of A$1,668/oz and AISC of A$1,297/oz (-5% qoq) Cash and bullion increased 32% to $69.1m at 30 June (nil debt) Strong quarterly production across all three operating mines: - Daisy Underground Complex 16% increase in gold production - Maxwells Underground Increased gold ounces consistent with mining operations ramping up to targeted production levels - Majestic Open Pit 34% increase in mine production with pre-strip of Imperial pit significantly progressed Continued exploration success at Mount Belches and Daisy Complex Divestment of the Murchison assets for $10.0m 80,000 ounces of FY19 and FY20 production hedged at A$1,720/oz, taking total hedge book to 142,000 ounces at an average A$1,700/oz FY18 Outlook - Gold sales guidance 135, ,000 ounces - Internally funded low capital intensity projects will transition Mount Monger to longer life operations with increased production visibility, including $8.9m for the recommencement of mining at Cock-eyed Bob (H1 FY18) and $10.7m on Aldiss (H2 FY18) - Exploration budget of $11.8m targeting both sustaining and growth prospects within the Daisy Complex, Mount Belches and Aldiss areas to leverage off existing mine development and infrastructure Commenting on the result, Silver Lake Managing Director Luke Tonkin said: Silver Lake has had a successful year in FY17 meeting guidance, defining new lower cost production sources and further strengthening the balance sheet. Looking forward to FY18, Silver Lake will take the next steps of transitioning the Mount Monger camp towards longer life ore sources with increased visibility. The recommencement of the Cock-eyed Bob underground mine in July 2017 is an example of how Silver Lake is delivering its strategy of targeting cash margins, with the decision to restart mining following the significant increase in both grade and ounces reported in the June quarter. The Mount Belches area will become an increasingly important part of the Mount Monger camp with the two shallow, high grade underground Maxwells and Cock-eyed Bob mines remaining open along strike and at depth. The combination of Daisy Complex and Mount Belches has the Mount Monger camp well positioned to be a strong cashflow generator for years to come as Silver Lake pursues future growth opportunities. Silver Lake Resources Ltd (ASX: SLR) Page 1 of 31

2 Mining (Tables 1,2,5) Table 1: Underground Production Table 2: Open Pit Production Underground The Daisy Complex mine delivered a strong Q4 result, contributing 84,458 tonnes at a grade of 6.4 g/t Au for 17,426 contained ounces and full year production was 67,106 oz at an average grade of 7.0g/t. The production performance from Daisy Complex again demonstrates the mine s consistent cornerstone contribution to Silver Lake s production base. Production from Maxwells increased 142% contributing 51,994 tonnes at a grade of 5.4 g/t Au for 8,945 contained ounces. Year-to-date development of 4,605 metres is in line with plan and has provided multiple ore development horizons and stoping blocks for FY18. In June, the Company increased the Cock-eyed Bob (CEB) Resource by 30% to 266,000 ounces at a grade of 5.8 g/t Au. Pre-production activities have commenced with mine development scheduled to start in July The mine will contribute approximately 10,000 ounces in FY18, increasing to 24,000 ounces in FY19. Resource development drilling at CEB will continue with a further increase in Indicated Resources and subsequent conversion to Reserves with mine life extensions likely. Open Pit Mine production from the open pits for the quarter totalled 274,008 tonnes at 2.3 g/t Au for 20,022 ounces, a 34% increase on Q3. The increase in production was due to the mining of high grade ore blocks in the Majestic pit deferred from the previous quarter. Mining activities at Majestic are scheduled to continue until Q3 FY18. Pre-stripping activity continued at the Imperial open pit with 790,000 BCM of topsoil and overburden removed in the quarter. Ore production at Imperial is scheduled to commence in Q2 FY18 and run through to the end of FY18. Open pit mine production at the Aldiss mining centre will follow completion of the Majestic and Imperial mines. The centre will comprise multiple open pit mines, providing feed to the Randalls mill in FY19, FY20 and FY21 recovering between 130, ,000 ounces of gold. Cash drawdown on the project is scheduled to commence in Q3 FY18 with A$10.6 million allocated to infrastructure projects including the construction of haul roads, mine village, mine offices, communications and pre-strip activities. First ore delivery from the Aldiss mines is planned for Q1 FY19. The development of the Aldiss area is consistent with the Company s strategy of developing longer life, lower cost assets thereby diversifying production across 4 geological centres within the Mount Monger gold camp. Silver Lake Resources Ltd (ASX: SLR) Page 2 of 31

3 Processing (Tables 3,4,6) Table 3: Production Processing Table 4: Gold Sales and Revenue Ore milled for the quarter totalled 332,289 tonnes at a blended grade of 3.9 g/t Au for 38,366 recovered ounces, a 13% increase on the prior quarter. The increase in recovered ounces was due to higher grade ore production across all 3 operating mines, most notably from Maxwells underground which contributed an additional 5,247 ounces in the quarter consistent with the ramp up to targeted levels. As a result, gold sales for the quarter increased 7% to 37,515 ounces. Gold recovery was consistent with prior quarters at 93%. Ore stockpiles increased during the quarter to approximately 419,000 tonnes (containing 17,000 ounces) resulting from increased mine production at the Majestic open pit. Ore stocks are expected to decrease between Q2 and Q4 FY18 as ore production and ore stockpiles from the Majestic and Imperial mines are consumed prior to the commencement of ore production from the Aldiss mining centre. Milling rates at the Randalls mill are expected to be materially the same in FY18 however mill feed head grade is expected to increase with three underground mines and the Imperial open pit contributing higher grade ore in FY18, particularly in H2 FY18. Silver Lake Resources Ltd (ASX: SLR) Page 3 of 31

4 Mount Monger Camp Mining Units Sep Qtr 2016 Dec Qtr 2016 Mar Qtr 2017 Jun Qtr 2017 FY17 FY16 Underground - Daisy Complex Ore mined Tonnes 74,747 71,727 69,269 84, , ,717 Mined grade g/t Au Contained gold in ore Oz 17,366 17,232 15,082 17,426 67,106 72,208 Underground Cock-eyed Bob Ore mined Tonnes 8,970 14, , ,748 Mined grade g/t Au Contained gold in ore Oz 1,118 1, ,114 13,533 Underground Maxwells Ore mined Tonnes - 12,024 24,840 51,994 88,858 9,583 Mined grade g/t Au Contained gold in ore Oz - 1,271 3,698 8,945 13, Open Pit Lucky Bay Ore mined Tonnes ,022 Mined grade g/t Au Contained gold in ore Oz ,512 Open Pit Santa Area Ore mined Tonnes 125, , ,126 Mined grade g/t Au Contained gold in ore Oz 9, ,504 41,395 Open Pit Majestic Ore mined Tonnes 68, , , , ,296 - Mined grade g/t Au Contained gold in ore Oz 4,098 15,514 14,972 20,022 54,606 - Total ore mined Tonnes 277, , , ,460 1,306,508 1,286,196 Mined Grade g/t Au Total contained gold in ore Oz 32,086 36,013 33,752 46, , ,165 Table 5: Mount Monger Camp - mine production statistics Silver Lake Resources Ltd (ASX: SLR) Page 4 of 31

5 Mount Monger Camp Processing Units Sep Qtr 2016 Dec Qtr 2016 Mar Qtr 2017 Jun Qtr 2017 FY17 FY16 Ore milled Tonnes 327, , , ,289 1,300,152 1,236,600 Head grade g/t Au Contained gold in ore Oz 34,602 33,135 36,606 41, , ,605 Recovery % Gold produced Oz 32,941 30,662 33,868 38, , ,109 Gold sold Oz 34,405 30,011 35,069 37, , ,400 Table 6: Mount Monger Camp - processing statistics Costs (Table 7) The Unaudited All-in Sustaining Cost (AISC) for the quarter decreased 5% to A$1,297/oz (A$1,370/oz in Q3 FY17). The improvement in AISC was due to strong production across all three operating mines with Majestic costs reducing as the strip ratio reduces and Maxwells ramping up to target annualised production rates. AISC for the quarter in absolute dollar terms was $50.8 million, $6.2 million higher than the prior period, reflecting ramping up of activity at the Imperial and Maxwells mines. The expenditure excludes $2.1 million incurred on regional exploration. Group AISC in FY18 is expected to be similar to FY17 with the development of the Cock-eyed Bob mine (Q1) and the Aldiss mines (Q4) initially contributing to a higher unit cost. These mines are expected to deliver lower cost ounces as they reach target production rates in FY19 and FY20. The AISC for the Majestic/Imperial and Maxwells mines is expected to decrease in FY18 reflecting the investment in development of these mines in FY17. The Daisy Underground Complex expected to deliver cost metrics consistent with the current year. Silver Lake Resources Ltd (ASX: SLR) Page 5 of 31

6 Mount Monger Camp Sep-16 Dec-16 Mar-17 Jun-17 FY17 FY16 Notes Unit Quarter Quarter Quarter Quarter YTD Mining costs 1 A$M General and administration costs 2 A$M Royalties A$M By-product credits A$M (0.1) (0.1) (0.3) (0.3) (0.8) (0.1) Processing costs 3 A$M Corporate overheads 4 A$M Mine exploration (sustaining) 5 A$M Capital expenditure and underground mine development (sustaining) 6 A$M All-in Sustaining Cash Costs (Before non-cash items) A$M Inventory movements 7 A$M 5.7 (5.0) 3.4 (2.1) 1.9 (3.6) Rehabilitation - accretion & amortisation 7 A$M All-in Sustaining Costs A$M Gold sales oz 34,405 30,011 35,069 37, , ,400 Mining costs 1 A$/oz General and administration costs 2 A$/oz Royalties A$/oz By-product credits A$/oz (3) (5) (9) (7) (6) (1) Processing costs 3 A$/oz Corporate overheads 4 A$/oz Mine exploration (sustaining) 5 A$/oz Capital expenditure and underground mine development (sustaining) 6 A$/oz All-in Sustaining Cash Costs (Before non-cash items) A$/oz 1,226 1,553 1,273 1,353 1,345 1,306 Inventory movements 7 A$/oz 165 (167) 97 (57) 14 (27) Rehabilitation - accretion & amortisation 7 A$/oz All-in Sustaining Costs A$/oz 1,391 1,386 1,370 1,297 1,359 1,281 Table 7: Unaudited all-in sustaining costs for Mount Monger Camp 1 Costs for underground & open pit operating activities (including infill and grade control drilling). 2 Costs for site administration including corporate recharges. 3 Processing costs include costs of haulage from mine to mill. 4 Corporate overheads are post recharges to sites. 5 Costs relating to regional exploration are excluded from the calculation (amounting to $2.1m for Q4 FY17). 6 Costs include underground decline development and sustaining capital works, but exclude site infrastructure/set up costs for new projects. 7 These costs are included in the calculation of all-in sustaining cost based on World Gold Council guidelines. Silver Lake Resources Ltd (ASX: SLR) Page 6 of 31

7 Group Finance Cash and bullion increased $16.8 million during the quarter to $69.1 million at 30 June Key cash flow movements included: - Net cash flow from the Mount Monger Operations of $17.4 million - Exploration spend of $3.2 million - $6.0 million in proceeds from the sale of the Company s Tuckabianna assets comprising the Tuckabianna gold processing facility and underlying mining tenure. The strong cash position will allow the Company to internally fund the recommencement of the Cock-eyed Bob underground mine (maximum cash drawdown of $11 million) and development of the Aldiss mining centre (drawdown of $10.7m) in FY18. This drawdown will result in a slight decrease in the cash balance over the first half of FY18, after which the Cock-eyed Bob mine is forecast to be cash-flow positive. Cash flow for the June quarter is summarised in the following waterfall chart: Figure 1: Q4 Cash & Bullion movement. Hedging During the quarter, the Company took the opportunity to hedge a further 80,000 ounces of gold at an average forward price of A$1,720/oz for delivery in FY19 and FY20. This hedge underpins forecast production from the Aldiss mining centre. Following this transaction, the Company s forward gold hedging program totals 142,000 ounces, to be delivered over the next 36 months at an average forward price of A$1,700/oz. Silver Lake Resources Ltd (ASX: SLR) Page 7 of 31

8 Non-Core Asset Divestment Process In June 2017, the Company agreed to sell its Murchison assets to a wholly owned subsidiary of Westgold Resources Limited (ASX: WGX) for total consideration of approximately $10 million. The sale assets comprise: - the Tuckabianna gold processing facility and underlying mining tenure (Tuckabianna Assets); and - the Company s 40% joint venture interest in the Cue Joint Venture (JV Interest), which is expected to dilute to 20% in the first quarter of FY18. The purchase price payable for the Tuckabianna Assets was cash consideration of $6 million and 1,250,000 fully paid ordinary shares in Westgold. Completion of this part of the transaction occurred on 30 June The sale and purchase of the JV Interest was subject to the Company s joint venture partner, Musgrave Minerals Limited (ASX:MGV), not exercising its pre-emptive right to purchase the JV Interest on equivalent terms. Musgrave has subsequently exercised the pre-emptive right and, as such, Silver Lake will proceed to complete the transaction with Musgrave on equivalent terms to those previously agreed with Westgold for cash consideration of $1.5 million, with completion expected to occur in August Following completion, the Company will have divested itself of all interests in the Murchison region. Exploration Significant progress from five high priority exploration targets during the quarter Strong results from drilling at Daisy Complex continue to demonstrate the potential for extensions and repetitions of the existing underground lodes, including New Lode 57 Further step-out drilling at Daisy North confirms the high-grade structure, highlighting significant extension to the Daisy Complex lodes Phase 3 resource definition drilling completed at Cock-eyed Bob (CEB) with strong results confirming the decision to recommence underground mining $11.8m Exploration Budget approved for FY18. During the June quarter, Silver Lake Resources completed the work programs that formed part of the $14 million FY17 exploration program. A total of 6,938 metres of underground resource definition drilling, and 5,316 metres of surface RC and diamond exploration drilling was completed during the quarter. Exploration work programs focussed on: - Underground resource definition diamond drilling at the Daisy Complex, including Lode 56, New Lode 57, and Stanley lodes. - Surface and underground exploration drilling at Mount Belches & Daisy Complex, including Cockeyed Bob (CEB) and Daisy North areas. Exploration spend for the quarter was $3.2 million. Following on from the Company s highly successful FY17 exploration program, a FY18 exploration budget of $11.8 million has been approved by the Board. The planned exploration continues the focus at the Mount Monger camp, including near-term resource definition and project development opportunities at the Daisy Complex, Maxwells and Cock-eyed Bob underground mines and the Imperial/Majestic and Aldiss mining centres, as well as regional exploration targets across the Daisy Complex and Mount Belches mining centres. Silver Lake Resources Ltd (ASX: SLR) Page 8 of 31

9 Daisy Complex Underground Mine Exploration Drilling Resource development drilling within the Daisy Complex underground mine is designed to upgrade Inferred Resources to an Indicated category, and to identify direct extensions to the known zones of Inferred Resources. A total of 4,740 metres of underground diamond drilling was completed, including infill and extensional resource definition drilling at Stanley (Lode 31), Lode 56, and the recently identified new Lode 57. In addition, six diamond drill holes for 1,884 metres were completed from the surface in the Daisy North target area, located along strike to the north of the Stanley underground lodes. The full list of drilling intersections is presented in Appendix 1. Lode 56 (Lower Prospect Zone) The discovery of new Lode 56, proximal to the active mining development in the Lower Prospect area, was first reported in the December 2016 Quarterly Report. Drilling intersected a strongly mineralised lode structure with visible gold, located approximately 30 metres to the west of the Lower Prospect Lode 32 structure. Mining development continued into Lode 56 during the quarter, and exploration drilling has continued to infill and extend the new structure to the south as the mining front moves down plunge. The current drilling program targets the high-grade zone between the 4950 and 5150 levels. Drilling highlights from Lode 56 included LP and LP which both intersected strong alteration zones with quartz veining and visible gold, returning grades of (Figure 5): g/t Au; and g/t Au. As a continuing priority, Lode 56 will be targeted by additional phases of infill and extensional exploration in the September quarter. New Lode 57 (Haoma North of the North Fault Zone) Targeting the Daisy Complex lodes north of the North Fault successfully led to the discovery of Lode 40 and other parallel ore zones along the Haoma West line of lode. Several of the Lode 40 drill holes also intersected a new mineralised structure located approximately 100 metres east of Lode 40, highlighted by strong assays including 0.44 metres at 45.6 g/t Au and 0.30 metres at 41.4 g/t Au, first reported in the September 2016 quarterly report (Figure 6). During the June quarter, two underground drill holes were extended to intersect the Haoma NNF exploration target up plunge. Both drill holes successfully intersected the target lode, confirming ore zone extensions from the previous intersections and returning strong assay results. The new lode has been identified as Lode 57, with drilling highlights including SD which intersected two intensely mineralised quartz veins with visible gold. Assay results comprised (down hole widths) (Figure 6): metres at 48.57g/t Au; and g/t Au. The successful intersection of Lode 57 has identified a new high priority resource definition target north of the North Fault, located less than 50 metres from the existing underground decline development. The geometry, true widths and strike extensions of these high-grade lodes will be a focus of follow up drilling in FY18. Stanley (Lode 31) and Daisy North Exploration Target The Daisy North exploration target is located approximately 300m along strike to the north of the Daisy Complex mining development, and is the direct strike extension of the Stanley Lodes in the Daisy Complex. Previous exploration drilling had identified a strong anomalous trend in the near surface aircore drilling, Silver Lake Resources Ltd (ASX: SLR) Page 9 of 31

10 and the deeper down plunge mineralisation potential along this trend was confirmed by the surface diamond drilling reported in the March 2017 quarterly report. During the June quarter, six diamond drill holes were completed. The drilling confirmed the mineralised structures previously intersected in the target area, interpreted to be a significant step-out extension to the north from the Haoma and Stanley lodes in the Daisy Complex. Visible gold was logged in drill holes 17DNRD009 and 17DNRD014. The visible gold was associated with the sheared porphyry contacts and quartz veining with similar mineralisation style to the Daisy lodes. Assay highlights included (Figure 7): metres at 31.0 g/t Au, metres at g/t Au, and metres at g/t Au. These strong results demonstrate the strike continuity of high grade mineralisation between the Stanley lodes and the Caledonia exploration prospect to the north. In addition to the Daisy North surface drilling, a program of infill resource definition diamond drilling from underground was completed in the Stanley lodes during the June quarter. The drilling successfully intersected the mineralised lode in all eight drill holes, including high grade mineralised quartz veins and visible gold in STA40037, STA40039 and STA40041, which intersected three separate veins with visible gold. Assay highlights included (Figure 7): metres at g/t Au, metres at 35.9 g/t Au, metres at 98.5 g/t Au, and metres at g/t Au. The success of the underground and surface diamond drilling into the Stanley and Daisy North lodes during the June quarter highlights the potential for near-term underground development along this zone, located proximal to the current Daisy underground development, and adding a new mining front in the upper areas of the Daisy Complex mine. The FY18 exploration budget includes infill and extensional drilling along the Stanley and Daisy North target zone. Mount Belches Mining Centre - Exploration Exploration and resource development drilling continued at the Mount Belches mining centre during the June quarter. Following on from the success of the Phase 2 drilling at Cock-eyed Bob, reported in the previous quarter, the Phase 3 underground diamond drilling program was completed, resulting in the resource update and decision to recommence underground mining, detailed in the ASX announcement Recommencement of Cock-eyed Bob Underground Mine released on 2 June The full list of drilling intersections is presented in Appendix 1. Cock-eyed Bob - Resource Development Drilling The Cock-eyed Bob underground mine is on target to recommence mining development and production in Q1 FY18. A multi-phase diamond drilling program was completed in the June quarter, aiming to upgrade existing Inferred Resources to Indicated Resources, and target resource extensions. Phase 3 drilling commenced in the March 2017 quarter, targeting the high-grade shoots within the CEB lodes up to 200 metres below the current underground workings, aiming to generate sufficient economic mining blocks to justify a long-term mining plan. Strongly mineralised footwall and hanging wall intersections were characterised by abundant arsenopyrite, with multiple occurrences of visible gold in both lodes. Spectacular assays reported in the March 2017 quarter included g/t Au in CEBD068, and g/t Au in CEBD069. The exploration drilling programs have resulted in a significant increase and upgrade to the CEB Mineral Resource estimate, detailed in the ASX announcement released on 2 June CEB now hosts a Mineral Resource totalling 1.42 million tonnes at 5.8 g/t Au for a total of 266,000 ounces of gold, including 578,000 Silver Lake Resources Ltd (ASX: SLR) Page 10 of 31

11 tonnes at 5.4 g/t Au for 100,000 ounces of gold in the Indicated category, representing 38% of the Total Mineral Resource. Category Tonnes Grade Contained Ounces Measured 123, ,000 Indicated 578, ,000 Inferred 723, ,000 Total 1,424, ,000 Table 8 - CEB Resource April 2017 (2.0g/t Au Cut-off) The significant increase in Mineral Resources is attributed to the higher grades within the three main CEB mineralised BIF units intersected by the recent drilling, which confirmed high-grade shoots extend at least 200 metres below the current underground workings. The Phase 3 underground diamond drilling program was completed in the June quarter. All twelve drill holes intersected the mineralised CEB banded iron formation units, demonstrating the potential for additional resource upgrades and extensions. Assay highlights included (Figure 8): metres at g/t Au, metres at 7.90 g/t Au, metres at g/t Au, and metres at g/t Au. The CEB high-grade lodes remain open at depth and along strike to the north and south. These potential depth extensions and repetitions to the CEB deposit will be the target of ongoing exploration drilling programs once development and mining recommences in FY18. Mount Monger Camp FY18 Exploration Strategy The FY17 exploration work programs completed by Silver Lake successfully extended and upgraded the gold reserves at the current mining operations, advanced development projects with near-term open pit and underground mining potential, and confirmed the strong potential for new resource growth along the mineralised trends in the Daisy area and Mount Belches mining centres. Key exploration highlights (previously reported) included: - Resource upgrade and decision to recommence mining at Cock-eyed Bob - Significant extensions and upgrades to existing gold lodes in the Daisy Complex underground mine - Discovery of two new lodes at Daisy: Lode 56 and Lode 57 - New lodes identified north of the North Fault at the Daisy Complex, demonstrating the discovery potential of this large, inadequately tested area proximal to the current underground development - Drilling at Santa supported the potential for a new underground mine - Step-out drilling from surface at Daisy North intersected a high-grade structure, confirming significant extensions to Daisy Complex lodes along one of the strong geochemical trends identified by the regional aircore drilling programs. The exploration focus for FY18 remains on gold at the Mount Monger Camp, targeting the Daisy area, Mount Belches and Aldiss mining centres (Figure 2). The core components of the FY18 Exploration strategy comprise: 1. Near-term Resource Definition drilling to sustain Daisy Complex, Maxwells, CEB and Aldiss production 2. Strategic Project Development drilling to deliver potential new mining operations at Karonie, Karonie South and Imperial Majestic underground 3. Exploration and resource growth work programs for longer-term production at Daisy Repeats and Daisy South, Mount Belches and at Aldiss. Silver Lake Resources Ltd (ASX: SLR) Page 11 of 31

12 At least two thirds of the total exploration budget is allocated to direct in ground drilling and assaying costs. Approximately 80% of the drilling budget will focus on sustaining the current production centres at Daisy, Mount Belches and Imperial Majestic. For more information about Silver Lake and its projects please visit our web site at For further information, please contact Luke Tonkin Managing Director contact@silverlakeresources.com.au Michael Vaughan Fivemark Partners michael.vaughan@fivemark.com.au Competent Person s Statement The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Antony Shepherd, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Shepherd is a fulltime employee of Silver Lake Resources Ltd and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Shepherd consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report that relates to Mineral Resources is extracted from the ASX announcement entitled Re-commencement of Cock-eyed Bob Underground Mine dated 2 June 2017 and is available to view on Silver Lake Resources Ltd confirms that it is not aware of any new information or data that materially affects the information included in the original ASX announcement and that all material assumptions and technical parameters underpinning the estimates in the ASX announcement continue to apply and have not materially changed. Silver Lake Resources Ltd confirms that the form and context in which the Competent Person s findings are presented have not been materially modified from the original ASX announcement. Silver Lake Resources Ltd (ASX: SLR) Page 12 of 31

13 List of Figures Figure 2: Mount Monger Camp regional location plan. Figure 3: Schematic view showing the mines that make up the Daisy Complex. Silver Lake Resources Ltd (ASX: SLR) Page 13 of 31

14 Figure 4: Location of Mount Monger projects and the centralised Randalls Mill. Figure 5: Long section showing the Lower Prospect Lode 56 outline with drilling results. Silver Lake Resources Ltd (ASX: SLR) Page 14 of 31

15 Figure 6: Long section showing the New Lode 57 outlines with drilling results. Figure 7: Long section showing Stanley Lode and Daisy North exploration drilling target area. Silver Lake Resources Ltd (ASX: SLR) Page 15 of 31

16 Figure 8: Long section showing the Cock-eyed Bob underground project and drilling highlights. Silver Lake Resources Ltd (ASX: SLR) Page 16 of 31

17 Appendix 1 Drill Hole Information Summary Underground Diamond Drilling Stanley (Lode 31) Drill hole Intersections are calculated with at a 1g/t Au lower cut, including 1m maximum internal dilution and minimum width of 0.2m. Assays are analysed by a 30g Fire Assay Digest and ICP-AAS NSI = No significant assay intersections Hole_ID Collar E (MGA) Collar N (MGA) Collar RL (MGA) Dip Azimuth Depth From (m) Depth To (m) Gold Intersection (down hole width) g/t Au STA g/t Au STA g/t Au g/t Au STA g/t Au g/t Au g/t Au STA g/t Au g/t Au STA g/t Au g/t Au STA40040A g/t Au g/t Au g/t Au g/t Au g/t Au STA g/t Au g/t Au g/t Au STA cm quartz vein and visible gold. Results awaited. Underground Diamond Drilling Lode 56 Drill hole Intersections are calculated with at a 1g/t Au lower cut, including 1m maximum internal dilution and minimum width of 0.2m. Assays are analysed by a 30g Fire Assay Digest and ICP-AAS NSI = No significant assay intersections. Hole_ID Collar E (MGA) Collar N (MGA) Collar RL (MGA) Dip Azimuth LP LP Depth From (m) Depth To (m) Gold Intersection (down hole width) g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au Silver Lake Resources Ltd (ASX: SLR) Page 17 of 31

18 LP495003A LP g/t Au g/t Au g/t Au g/t Au g/t Au LP NSI LP LP LP g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au LP NSI LP g/t Au g/t Au g/t Au g/t Au Underground Diamond Drilling Lode 57 (Haoma NNF) Drill hole Intersections are calculated with at a 1g/t Au lower cut, including 1m maximum internal dilution and minimum width of 0.2m. Assays are analysed by a 30g Fire Assay Digest and ICP-AAS NSI = No significant assay intersections. Hole_ID Collar E Collar N Collar RL Dip Azimuth Depth From (m) Depth To (m) Gold Intersection (down hole width) SD g/t Au g/t Au SD g/t Au g/t Au g/t Au Surface Diamond Drilling Daisy North Drill hole Intersections are calculated with at a 1g/t Au lower cut, including maximum 1m of internal dilution and minimum sample width of 0.2m. Assays are analysed by a 50g Fire Assay Digest and ICP-AAS. NSI = no significant assay intersections. Hole ID Collar N (MGA) Collar E (MGA) Collar RL (MGA) Dip Azimuth Depth From (m) Depth To (m) Gold Intersection (down hole width) 17DNRD g/t Au g/t Au 17DNRD g/t Au g/t Au g/t Au 17DNRD g/t Au g/t Au Silver Lake Resources Ltd (ASX: SLR) Page 18 of 31

19 17DNRD DNRD DNRD g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au Underground Diamond Drilling Cock-eyed Bob Drill hole Intersections are calculated with at a 1g/t Au lower cut, including 1m maximum internal dilution and minimum width of 0.2m. Assays are analysed by a 30g Fire Assay Digest and ICP-AAS NSI = No significant assay intersections Hole_ID Collar E (MGA) Collar N (MGA) Collar RL (MGA) Dip Azimuth CEBD CEBD CEBD CEBD CEBD075A CEBD CEBD Depth_From (m) Depth_To (m) Gold Intersection (down hole width) g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au Silver Lake Resources Ltd (ASX: SLR) Page 19 of 31

20 g/t Au g/t Au g/t Au g/t Au CEBD CEBD CEBD CEBD CEBD g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au g/t Au Silver Lake Resources Ltd (ASX: SLR) Page 20 of 31

21 JORC 2012 Table 1: Daisy Complex Underground Drilling Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Criteria Commentary Sampling techniques Drilling techniques Drill sample recovery Two diamond core sizes were drilled LTK48 and NQ2. NQ2 core was drilled for exploration drilling and LTK48 was drilled for grade control drilling. NQ2 core was cut in half and sampled down to 20 cm as a minimum sample width. LTK48 was sampled in whole core and also sampled down to 20cm as a minimum sample width. Samples were taken to a commercial laboratory for assay. Sample preparation included all or part of: oven dry between 85 C & 105 C, jaw-crushing (nominal 10mm) & splitting to 3.5kg as required, pulverize sample to >85% passing 75um, complete a 40g fire assay charge. Uncertified blank material was inserted into the sampling sequence after samples where coarse gold was suspected. A barren flush was completed during the sample prep after suspected coarse gold samples. Uncertified blank material is sourced from a Proterozoic mafic dyke that is void of gold mineralisation. The blank is used not as an internal quality control check to ensure there is no cross-contamination between samples during the sample prep. process. Barren flushes are used to clean the mill during sample prep. In some cases, the barren flush is analysed for gold to quantify gold smearing in the milling process. Core types are: (1) LTK48 sampled as whole core; and (2) NQ2 sampled as half core. Diamond core samples were collected into core trays & transferred to core processing facilities for logging & sampling. The face sampling is conducted by rock chip sampling collected by a geologist across development face. DC contractors use a core barrel & wire line unit to recover the DC, adjusting drilling methods & rates to minimize core loss (e.g. changing rock type, broken ground conditions etc.). Sample recovery issues from DC drilling are logged and recorded in the drill hole database. Rock chip samples, taken by the geologist UG, do not have sample recovery issues. Logging All exploration DC is logged for core loss (and recorded as such), marked into 1m intervals, orientated, structurally logged and geologically logged for the following parameters: rock type, alteration, & mineralization. 100% of all core is photographed. Grade control drilling is processed and logged as described above except for core orientation and structural logging due to the context of the information. Geological logging is qualitative & quantitative in nature. Sub-sampling techniques and sample preparation LTK48 core is sampled whole. Standards are placed every 20 samples which include a low grade, medium grade, or a high grade certified standard. NQ2 core is half core sampled. The remaining DC resides in the core tray & archived. Standards are placed every 20 samples which include a low grade, medium grade, or a high grade certified standard. The sample preparation has been conducted by commercial laboratories & involves all or part of: oven dried (between 85 C & 105 C), jaw crushed to nominal <10mm, riffle split to 3.5kg as required, pulverized in a one stage process to >85% passing 75um. The bulk pulverized sample is then bagged & approximately 200g extracted by spatula to a numbered paper bag that is used for the 40g fire assay charge. Rock chip & DC samples submitted to the laboratory are sorted & reconciled against the submission documents. Routine CRM (standards) are inserted into the sampling sequence at a rate of 1:20 for standards & 1:33 for uncertified blanks or in specific zones at the Geologist s discretion. The commercial laboratories complete their own QC check. Barren quartz flushes are used between expected mineralized sample interval(s) when pulverizing. Selective field duplicate campaigns are completed throughout the fiscal year on DC and face data. Results show that there is significant grade variability between original and duplicate samples for all sampling techniques. Field duplicates are relatively accurate but not precise Silver Lake Resources Ltd (ASX: SLR) Page 21 of 31

22 Criteria Commentary Quality of assay data and laboratory tests Verification of sampling and assaying Location of data points Data spacing and distribution Orientation of data in relation to geological structure The sample & size (2.5kg to 4kg) relative to the grain size (>85% passing 75um) of the material sampled is a commonly utilised practice for gold deposits within the Eastern Goldfields of Western Australia for effective sample representivity. The assay method is designed to measure total gold in the sample. The laboratory procedures are considered appropriate for the testing of gold at this project, given its mineralization style. The technique involved uses a 40g sample charge with a lead flux, which is decomposed in a furnace, with the prill being totally digested by 2 acids (HCI & HN03) before measurement of the gold content by an AAS machine. No geophysical tools or other remote sensing instruments were utilized for reporting or interpretation of gold mineralization. QC samples were routinely inserted into the sampling sequence & also submitted around expected zones of mineralization. Standard procedures are to examine any erroneous QC result (a result outside of expected statistically derived tolerance limits) & validate if required; establishing acceptable levels of accuracy & precision for all stages of the sampling & analytical process. Independent verification of significant intersections not considered material. There is no use of twinned holes based on the high degree of gold grade variability from duplicate sampling of half core. Hole-twining would deliver a similar result. Primary data is sent digitally and merged into the commercially available SQL DataShed database software. Assay results are merged when received electronically from the commercial laboratory. The responsible Geologist reviews the data in the database to ensure that it is correct, has merged properly & that all data has been received & entered. Any variations that are required are recorded permanently in the database. No adjustments or calibrations were made to any assay data used in this report. All drill holes used have been surveyed for easting, northing & reduced level. Recent data is collected in Solomon local grid. The Solomon local grid is referenced back to MGA 94 and AHD using known control points. Drill hole collar positions are surveyed by the site-based survey department (utilizing conventional surveying techniques, with reference to a known base station) with a precision of less than 0.2m. The survey instrument used is a Leica Total Station tool. Down hole surveys consist of regular spaced Eastman single or multi-shot borehole camera, & digital electronic multi-shot surveys (generally <30m apart down hole). Ground magnetics can affect the result of the measured azimuth reading for these survey instruments Daisy Milano. Topographic control was generated from survey pick-ups of the area over the last 20 years. The nominal drill spacing is 40m x 40m with some areas of the deposit at 80m x 80m or greater. This spacing includes data that has been verified from previous exploration activities on the project. Grade control drill (LTK48) spacing is nominally 10m x 20m or 20m x 20m Level development is 15 metres between levels and face sampling is 2.5m to 10m spacing. This close spaced production data provides insights into the geological and grade continuity and forms the basis of exploration drill spacing. Samples were composited by creating a single composite for each drill hole intercept within a geological domain. This is completed for the resource modelling process. Drilling is designed to cross the ore structures close to perpendicular as practicable. Most of the surface DC was drilled from the hanging wall to the footwall to achieve the best possible angle of intersection. Some of the surface holes intersect an orebody at acute angles. UG DC can be drilled from footwall to hanging wall. All FS sampling was performed across the mineralised veins. No drilling orientation and sampling bias has been recognized at this time. Sample security Historical samples are assumed to have been under the security of the respective tenement holders until delivered to the laboratory where samples would be expected to have been under restricted access. Recent samples were all under the security of SLR until delivered to analytical laboratory in Kalgoorlie where they were in a secured fenced compound security with restricted entry. Since 2012 all samples from Daisy Milano are submitted for analysis to Bureau Veritas laboratory in Kalgoorlie. Internally, Bureau Veritas operates an audit trail that has access to the samples at all times whilst in their custody. Silver Lake Resources Ltd (ASX: SLR) Page 22 of 31

23 Criteria Audits or reviews Commentary Internal reviews are completed on sampling techniques and data as part of the Silver Lake Resource continuous improvement practice Periodic audit of the commercial lab facilities and practices is undertaken by SLR geologists ensuring ongoing dialogue is maintained No external or third-party audits or reviews have been completed. Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Criteria Commentary Mineral tenement and land tenure status Exploration done by other parties The mining operations for Daisy Milano occurs on three granted Mining Leases M26/129, M26/251 and M26/38, and are held by Silver Lake Resources Limited. There are five registered heritage sites on M26/251. All Mining Leases were granted pre-native Title. Third party royalties are applicable to these tenements & are based on production ($/ore tonne) or proportion of net profit. All production is subject to a WA state government NSR royalty of 2.5% A significant proportion of exploration, resource development & mining was completed by companies which held tenure over the Daisy Milano deposit since the mid 1990 s. Companies included: Nickel Seekers, BGRM nominees and Ridgeview Nominees ( ), Aberdeen Mining ( ) and Perilya PL ( ). Results of exploration & mining activities by the afore mentioned company s aids in SLR s exploration, resource development & mining. Reporting of results in this announcement only concerns results obtained by SLR. Geology The deposit type is classified as an orogenic gold deposit within the Norseman-Wiluna greenstone sequence. The accepted interpretation for gold mineralization is related to (regional D2-D3) deformation of the stratigraphic sequence during an Archaean orogeny event. Locally, the mineralization is characterised as a deformed vein, hosted within intermediate volcanic and volcaniclastic units and closely associated with felsic intrusive rock types of the Gindalbie Terrane. The metamorphic grade is defined as lower green-schist facies. Drill hole Information Data aggregation methods Relationship between mineralisation widths and intercept lengths All drill results are reported quarterly to the Australian Stock Market (ASX) in line with ASIC requirements All reported assay results have been length-weighted; no top cuts have been applied. Assay results are reported above a 1g/t Au lower cut. A maximum of 2m of internal dilution is included for reporting intercepts. Minimum reported interval is 0.2 for DC intercepts. No metal equivalent values are used for reporting exploration results Drill hole intersections vary due to infrastructure issues & drill rig access, but are at a high angle to each mineralized zone. Reported down hole intersections are documented as down hole width. Diagrams Drilling is presented in long-section and cross section and reported quarterly to the Australian Stock Market (ASX) in line with ASIC requirements Balanced All results have been reported (relative to the intersection criteria) including those results where no reporting significant intercept (NSI) was recorded. Other substantive exploration data No other exploration data that may have been collected is considered material to this announcement. Further work Further work at Daisy Milano Complex will include additional resource development drilling to updating geological models. Silver Lake Resources Ltd (ASX: SLR) Page 23 of 31